HFF Provides $17M Loan for SF Community
Local Capital Group received the loan for the development of 901 Tennessee, a class A asset in San Francisco’s Dogpatch neighborhood.
By Evelyn Jozsa
901 Tennessee
HFF secured a $17 million construction loan on behalf of Local Capital Group for the development of 901 Tennessee, a 40-unit, class A multifamily property in San Francisco. Rapidly rising housing rates across the Bay Area have put pressure on established locations and are driving investment activity and growth in some of the more low-key areas of the metro.
Located at 901 Tennessee St., the community is part of San Francisco’s highly amenitized and transit-rich Dogpatch neighborhood. Highlights include direct access to the 3rd Street T-Line Muni light rail, the 22nd Street Caltrain station, Interstate 280 and Esprit Park. The asset is located two blocks away from Forest City’s 3.7 million-square-foot Pier 70 mixed-use development and it is directly adjacent to the Mission Bay mixed-use neighborhood. The area offers several dining opportunities, as well as bars and coffee shops.
The four-story building has a unit mix consisting of studio, one-, two-and three-bedroom units, averaging 663 square feet. The community will feature a landscaped, 3,600-square foot courtyard, common rooftop deck, on site vehicle parking and bike storage.
Chris Gandy, director and Jason Carlos, associate with HFF represented the borrower in the deal.
Image courtesy of HFF
